SEC Alerts Public Over Illegal Cryptocurrency Trading Firm

The Securities and Exchange Commission (SEC) has alerted the public about an illegal cryptocurrency trading firm, Marino FX Ltd, stating that the company was neither registered nor licensed to operate in the Nigerian capital market.

In a statement dated November 25, 2024, the SEC clarified that Marino FX Ltd, which claimed to be a licensed cryptocurrency exchange, was not authorised to function in any capacity within Nigeria’s financial market.

The statement read: “The SEC hereby notifies the public that Marino FX Ltd, who is parading itself as a SEC-licensed cryptocurrency exchange, is NOT registered or licensed by the SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges. Any claim to the public by the company of its registration or license by the SEC is false and misleading.”

The regulatory body further cautioned Nigerians against engaging with Marino FX Ltd or its representatives, highlighting the risks of dealing with unregulated entities. “The public is hereby advised to exercise caution and refrain from engaging with Marino FX Ltd or any of its representatives. Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the statement added.

Reaffirming its commitment to safeguarding investors, the SEC assured the public of its efforts to eliminate scams and fraudulent activities in the market. “The SEC remains committed to protecting investors in the Nigerian Capital Market and is working diligently to curb scams and other fraudulent activities,” it stated.

The commission urged individuals to verify the status of any capital market operator through official SEC channels for their safety and to avoid falling victim to fraudulent schemes.